Nasdaq, S&P 500 Tap Fresh Record Highs

U.S. markets started the shortened week in rally mode following more reports a phase one trade deal with China is on the verge of happening. Specifically, China said over the weekend that it plans to raise penalties on intellectual property violations.

Better-than-expected economic news and M&A activity also helped sentiment with the major indexes pushing prior resistance levels and fresh all-time highs. The action in the small-caps was a bonus package. Meanwhile, volatility settled at a monthly low to confirm a possible run at continued record highs for the overall market.

The Russell 2000 zoomed 2.1% while tapping a fresh 52-week peak just south of 1,624. Fresh and lower resistance at 1,615-1,625 was recovered with a close above the latter getting 1,635-1,650 back in the mix.

The Nasdaq advanced 1.3% after testing an all-time high of 8,633 into the closing bell. New and lower resistance at 8,600-8,650 was cleared and held with a move above the latter signaling possible momentum towards 8,700-8,750.

The S&P 500 was higher by 0.8% following the late day run and close at 3,133 and new record high. Prior resistance at 3,125 was cleared and held with continued closes above this level keeping 3,150-3,175 in play.

The Dow also added 0.7% with the intraday high reaching 28,068. Key resistance at 28,000 was cleared and held with continued closes above this level and the all-time high at 28,090 getting 28,250-28,500 in focus.

Technology and Healthcare showed the most sector strength with gains of 1.4% and 1.1%, respectively. Utilities and Real Estate were down 0.4% and 0.1%, respectively, and were the only sector laggards.

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Arrowhead (ARWR) upgraded to Outperform from Neutral at Baird
Deckers Brands (DECK) upgraded to Outperform from Market Perform at Wells Fargo
Wendy's (WEN) upgraded to Buy from Hold at Stifel

CymaBay (CBAY) downgraded to In Line from Outperform at Evercore ISI
Molson Coors (TAP) downgraded to Equal Weight from Overweight at Barclays
Netflix (NFLX) downgraded to Underperform from Market Perform at Wells Fargo

Before the open:  Abercrombie & Fitch (ANF), Analog Devices (ADI), Best Buy (BBY), Burlington Stores (BURL), Cracker Barrel Old Country Store (CBRL), DICK'S Sporting Goods (DKS), Dollar Tree Stores (DLTR), Eaton Vance (EV), Hormel Foods (HRL), Itamar Medical (ITMR), Luby's (LUB), Momo (MOMO), Tech Data (TECD), Titan Machinery (TITN)

After the close: Autodesk (ADSK), Box (BOX), Central Garden & Pet (CENT), Dell Technologies (DELL), Guess (GES), HP (HPQ), Keysight Technologies (KEYS), Veeva Systems (VEEV), VMware (VMW)

Retail Inventories - 8:30am
International Trade in Goods - 8:30am
Redbook - 8:55am
S&P Corelogic Case-Shiller - 9:00am
FHFA House Price Index - 9:00am
New Home Sales - 10:00am
Consumer Sentiment - 10:00am
Richmond Fed Manufacturing Index - 10:00am

Gold closed at $1,454.90 an ounce, down $8.70
Silver settled at $16.86 an ounce,  down $0.14
Copper finished at $2.63 a pound, down $0.01
Crude Oil  was at $58.01 a barrel, up $0.08
Bitcoin Investment Trust (GBTC) ended at $9.04,  down $0.23

I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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